Renewable Energy Platform Overview 2023
Leading renewable energy platform in Georgia, focusing on capital-light, larger-scale investment opportunities with a portfolio including hydro, wind, and solar power plants. Development timeline shows significant milestones and targets for growth. Total portfolio includes operational assets and pipeline projects, with a strategic emphasis on access to capital and good management. Key figures highlight the company's progress and future plans for sustainable energy in Georgia.
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GRPH at a Glance 2023 2023
RENEWABLE ENERGY PLATFORM AT A GLANCE GRPH | Leading Renewable Energy Platform in Georgia Georgia Capital | Shareholder profile Overview: Leading investment management company in Georgia, listed on the premium segment of the London Stock Exchange Strategy: Focuses on capital-light, larger-scale investment opportunities in Georgia, which can reach at least GEL 300 million equity value in 3-5 years after initial investment and monetize them through exits as investments mature Core strategy enablers: (1) Superior access to capital (2) Access to good management (3) Strong corporate governance 100% Georgian Renewable Power Holding JSC Operational Portfolio Pipeline Portfolio 4 Hydro Power Plants (HPPs) 1 Wind Power Plant (WPP) 2 Hydro Power Plants (HPPs) 5 Wind Power Plant (WPPs) 1 Solar Power Plant (SPP) Key Facts and Figures GRPH | Portfolio Breakdown OPERATING TOTAL PIPELINE Late-stage 5 GEL 3.5bn GEL 3.2 bn GEL 77 64 194 MW 114 21 130 383 MW Total Portfolio Value Net Asset Value (NAV) 5 71 MW NAV per share 264 50 118MW Early-stage 113 Wind Hydro Solar 2 *Data as of 30 September 2023 unless otherwise noted
RENEWABLE ENERGY PLATFORM DEVELOPMENT TIMELINE Early-stage pipeline Late-stage pipeline Late-stage pipeline Acquisition of 20.4 MW Hydrolea HPPs (Akhmeta HPP, Debeda HPP and Kasleti HPP) Issuance of $250m Green Eurobonds together with water utility business Issuance of $80m first Green Bond on the local market Target CoD of 18.0 MW Darchi HPP Target CoD early- stage wind farms Target CoD of 46.0 MW Zoti HPP Renewable energy platform launched 2016 2017 2019 2020 2022 2025-2030 Acquisition of 20.7 MW Qartli Wind Farm, the only wind farm in Georgia Construction works of 30.0 MW Mestiachala 2 HPP started Demerger of renewable energy business from water utility business Commissioning of 30.0 MW Mestiachala 2 HPP Target CoD of 5.0 MW Qartli Solar Farm Target CoD of 50.0 MW Tbilisi WPP Target CoD of 80.0 MW Kaspi WPP Early-stage pipeline Late-stage pipeline Late-stage pipeline 3
RENEWABLE ENERGY TOTAL PORTFOLIO AT A GLANCE Asset Allocation Key Numbers Operational Assets Mestiachala II HPP 30.0MW Late-stage pipeline Total Capacity 383 MW Darchi HPP 18.0 MW Early-stage pipeline Qartli Solar Plant 5.0 MW Kasleti II HPP 8.1 MW Akhmeta HPP 9.1 MW Tkibuli WPP 39.6 MW Gross Annual Generation 1.4TWh Kutaisi WPP 24.0 MW Tbilisi WPP 50.0 MW Zoti HPP 46.0 MW Load Factor, % 42% Debeda HPP 3.2 MW Plevi WPP 49.0 MW Kaspi WPP 80.0 MW Qartli Wind Farm 20.7 MW 4
THE FIRST GREEN BOND ISSUANCE ON LOCAL MARKET First ever green secured bond issuance on the Georgian capital market Largest corporate transaction on the Georgian capital market Issuance Overview BONDS OFFERING AMOUNT MATURITY Green Secured Bonds, SPO obtained from Sustainalytics $80,000,000 5 years, with redemption options COUPON RANGE 7.0% ISSUE DATE October, 2022 USE OF PROCEEDS Refinancing existing Green Eurobonds issued by GGU LISTING PLACEMENT AGENTS STRATEGIC INVESTORS Georgian Stock Exchange JSC Galt and Taggart, LLC TBC Capital IFC, FMO, EBRD, ADB 5
